Mixed Use Archives - The Ivy Group

Major Fremont retail center sells

Tim Vi Tran, — Thu, 28 Nov 2024 16:03:01 +0000

By Clare A. Fonstein – Reporter, Silicon Valley Business Journal

Nov 27, 2024

STORY HIGHLIGHTS

Capitol Square in Fremont sold to a private investor.
The $100 million project completed in spring 2021.
Capitol Square is fully leased with 11 storefronts.

A major Fremont retail project sold this month, leaving the hands of the developers that created it three years ago.

Capitol Square, in Fremont’s downtown, is the 21,100-square-foot retail component of a mixed-use project developed by TMG Partners, Sares Regis and Summerhill Homes. Above the retail space sits 157 units of housing.

The entire $100 million mixed-use project finished in the spring of 2021.

Sares Regis Group of Northern California and TMG Partners sold Capitol Square to a local, private investor. Specifics on the buyer and price were not disclosed.

Cushman & Wakefield executives Don LeBuhn, Rick Ryan and Dan Wald, served as the brokers for the transaction.

“The strong competition to purchase Capitol Square at a high price per square foot is evidence that high-quality improvement in strong demographic areas – often with scarce options to purchase – continues to be attractive to investors,” LeBuhn said in prepared remarks.

Capitol Square’s retail component was on the market for one month to take offers, according to Sares Regis.

LeBuhn said the property drew offers from both individuals with private capital and institutional groups with specific funds for investing in this type of retail.

The site, at 3658 and 3768 Capitol Ave, is fully leased and the 11 storefronts include small businesses with staggered openings, as they exit the construction phase. LeBuhn said he expects all the stores to be open by the end of 2025’s first quarter.

Capitol Square is just one piece in the revamp of Fremont’s Capitol Avenue area.

Fremont’s Economic Development Director Donovan Lazaro said the city is building a new downtown from scratch.

Fremont’s Downtown Community Plan, adopted in 2012 with TMG Partners as the master developer, laid out guidelines to transform more than 100 acres of the city’s downtown into new housing, retail and office space.

Fremont is only about five years into a 20-year development horizon for Fremont’s downtown, Lazaro said.

“Capitol Square has been a catalyst for adjacent developments in the heart of Fremont,” TMG Partners Co-CEO Matt Field said in prepared remarks. “Downtown Fremont has been experiencing a transformation over the last five years, and this fully leased retail project offers strong returns to a new investor in the community.”

The post Major Fremont retail center sells appeared first on The Ivy Group.

Mueller’s Forecast

Tim Vi Tran, — Sun, 14 Apr 2024 05:16:14 +0000

Screenshot

The post Mueller’s Forecast appeared first on The Ivy Group.

Planning commission gives OK to Kimco’s redevelopment of Fremont Hub mall

Tim Vi Tran, — Tue, 27 Feb 2024 06:24:32 +0000

By Devan J. Patel – Reporter, Silicon Valley Business Journal

Feb 23, 2024

Updated Feb 23, 2024 4:23pm PST

Fremont officials have green-lit a proposal by Kimco Realty Corp. to redevelop a portion of the Fremont Hub mall, replacing tens of thousands of square feet of retail space with 314 housing units, a 13,000-square-foot pharmacy and a parking garage.

The planning commission unanimously approved permits for the 5.86-acre project at 39150 Argonaut Way this week after a previous approval granted by the city’s zoning administrator was appealed to the body because further environmental review was needed.

“It is a magical mixture we can bring to the Fremont community,” said Michael Strahs, vice president of development at Kimco.

The mixed-use project reimagines a corner of the 51.7-acre shopping mall that was developed nearly 60 years ago and contains nearly 630,000 square feet of retail or commercial space.

The mall’s anchor tenants include Target, which operates a 123-727-square-foot store, and Safeway’s 54,741-square-foot supermarket.

Under the proposal, 14 tenant spaces would be demolished to make way for the six-story apartment complex with 14,157 square feet of ground-floor retail and a new CVS pharmacy on the mall premises.

Strahs said the first phase of the project calls for constructing the pharmacy and allowing CVS to continue to operate in its current building so as not to disrupt the business.

After CVS moves into its new location, the existing pharmacy and several retail stores would then be demolished to make way for the other mixed-uses.

The housing component includes seven townhomes, 40 studios and 154 one-, 100 two- and 13 three-bedroom apartments.

The community organization East Bay Residents for Responsible Growth initiated the third-party appeal of the zoning administrator’s ruling from December that sparked Thursday’s review of the permitting decision.

Ariana Abedifard, an associate attorney at the Adams Broadwell Joseph & Cardozo firm, said the ruling was appealed because the project did not disclose significant environmental and noise impacts and failed to mitigate them.

But planning commissioners sided with the city staff, who found that arguments made had no merit and the burden of proof to overturn the decision was not met.

Strahs said Thursday that there was no specific timeline for the project to be under construction or completed, adding that the developer had not chosen a general contractor yet.

Oakland-based TCA Architects designed the project.

The post Planning commission gives OK to Kimco’s redevelopment of Fremont Hub mall appeared first on The Ivy Group.